Slide 1: Fourth Quarter 2025 Financial Results
Fourth Quarter 2025 Financial Results January 27, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements that reflect the Company’s current views with respect to future events and financial performance. You can identify forward-looking statements by the fact that they do not relate strictly to current or historic facts. Fo
Slide 3: Full-Year 2025 Accomplishments
Full-Year 2025 Accomplishments Four consecutive quarters of higher sales volumes and selling prices; returned $1.4B to shareholders Net Sales $15.9B Organic Sales Adjusted EPS +2% $7.58 Operating Cash Flow Segment EBITDA Margin $1.9B Free Cash 19% +$0.5B YOY Flow Yield Dividends +5% ~$630MM Share Re
Slide 4: Delivering on our Organic Growth Commitment
Delivering on our Organic Growth Commitment Full-year organic sales up 2% versus estimated market decline of 0.2% PPG Organic Sales Growth Full-year 2025 Organic Growth Drivers 4% Selling prices: Positive with targeted increases 3% partially offset by index-based pricing in certain customer contract
Slide 5: Fourth Quarter 2025 Highlights
Fourth Quarter 2025 Highlights Share Repurchases Fourth consecutive quarter of higher YOY sales volume with growth in every region ~$100MM Growth momentum led by aerospace, protective and marine, packaging, and architectural in Mexico Adjusted EPS Automotive OEM net sales +6% reflecting $1.51 share
Slide 6: Fourth Quarter Net Sales
Fourth Quarter Net Sales Organic sales up 3% driven by growth in all segments Net Sales ($ in millions) 4% $3,914 Selling prices: Positive with targeted increases 2% -2% partially offset by index-based pricing in certain 1% customer contracts $3,729 Volumes: Share gains in Industrial Coatings partia
Slide 7: Global Architectural Coatings
Global Architectural Coatings Strong growth in Mexico outpaced soft European demand Net Sales 4Q’25 17.2% ($ in millions) Segment 9% EBITDA $951 +90 bps Margin 2% 0% -3% $881 4Q’25 Organic Sales Results 4Q'24 Price Volume Currency Divestitures & 4Q'25 Other Architectural LSD EMEA Highlights Architec
Slide 8: Performance Coatings
Performance Coatings Organic sales growth of 3% with strength in aerospace and protective and marine coatings Net Sales 4Q’25 21.1% ($ in millions) Segment EBITDA 4% 2% $1,322 -200 bps Margin $1,262 -1% 4Q’25 Organic Sales Results 4Q'24 Price Volume Currency 4Q'25 Aerospace DD Refinish HSD Highlight
Slide 9: PPG’s Position of Strength Poised to Support Long-Term Aerospace Growth
PPG’s Position of Strength Poised to Support Long-Term Aerospace Growth 2025 PPG Sales Mix Industry Aftermarket Revenue Highly correlated with air traffic demand General Aviation OEM 200% 150% Military Commercial Aftermarket 100% Aftermarket Sales 50% 2026-2029 CAGR +7% 0% 2019 2021 2023 2025E 2027E
Slide 10: PPG Aerospace: a Leader in Transparencies, Sealants and Coatings
PPG Aerospace: a Leader in Transparencies, Sealants and Coatings Diverse portfolio driving sustainable organic growth Select Competitors PPG 1 2 3 4 5 6 7 8 9 10 Sealants & Service & Adhesives; Materials Coatings Transparencies PPG Competitors Sealants & Aerospace with more limited scope Adhesives P
Slide 11: Industrial Coatings
Industrial Coatings Strong volume growth outpacing the industry, driven by share gains Net Sales 4Q’25 15.1% ($ in millions) Segment 2% EBITDA 5% +30 bps $1,641 Margin $1,586 -3% -1% 4Q’25 Organic Sales Results 4Q'24 Price Volume Currency Divestitures 4Q'25 Auto OEM LSD and Other Industrial Flat Hig
Slide 12: Strong Balance Sheet and Cash
Strong Balance Sheet and Cash Cash deployment focused on shareholder value creation 2025 Activity Cash Deployed to Shareholders ($ in millions) $1,500 $2.2B $1.4B $1,200 Cash Balance Dividends and Share December 31, 2025 Repurchases $900 $600 $300 $5.1B 1.9x Net Debt Net Debt / Adjusted $0 December
Slide 13: Investing to Accelerate Growth
Investing to Accelerate Growth Transitory increase in capital spending driven by aerospace capacity additions Capital Spending as Percentage of Net Sales Near-Term Capital Investment 2025 - 2026 1.1% • Expansion focused on profitable growth 1.2% • Aerospace 0.3% 0.5% • Mexico 3.8% • Digital / AI 2.7
Slide 14: First Quarter and Full-Year 2026 Financial Projections
First Quarter and Full-Year 2026 Financial Projections First Quarter 2026 Full Year 2026 Adjusted EPS $7.70 - $8.10 per share Segment organic sales (YOY %): Flat to +LSD Flat to +LSD Global Architectural Coatings +LSD to +MSD Flat to +LSD Performance Coatings -LSD to Flat Flat to +LSD Industrial Coa
Slide 15: PPG is Accelerating Momentum
PPG is Accelerating Momentum Driving superior performance through high-margin business growth and strong cash flow Execution Focus to Deliver Customer Success and Shareholder Value 2026 Expected Outcomes ✓ Portfolio optimization Organic Sales Growth ✓ Re-segmented portfolio to provide increased Flat
Slide 16: PPG: A Compelling Long-Term Investment
PPG: A Compelling Long-Term Investment Delivering core technologies and Leading Positions in All Verticals productivity solutions to our customers Strong Brands, Technologies and Services Organic and inorganic growth opportunities Asset-Light, Highly Flexible Cost Structure Accelerating margin expan
Slide 17: Appendix
Appendix
Slide 18: Adjusted EPS Reconciliation
Adjusted EPS Reconciliation $ in millions, except EPS Total PPG Fourth Quarter 2025 Net Income EPS(a) Net Income from Continuing Operations, As Reported $ 302 $ 1.34 Acquisition-related amortization expense 21 0.09 Business restructuring-related costs, net(b) 11 0.05 Portfolio optimization(c) 2 0.01
Slide 19: Adjusted EPS Reconciliation
Adjusted EPS Reconciliation $ in millions, except EPS Total PPG Full year 2025 Net Income EPS(a) Net Income from Continuing Operations, As Reported $ 1,571 $ 6.92 Acquisition-related amortization expense 94 0.41 Business restructuring-related costs, net(b) 40 0.18 Portfolio optimization(c) (2) (0.01
Slide 20: Adjusted EPS Reconciliation
Adjusted EPS Reconciliation $ in millions, except EPS Total PPG Fourth Quarter 2024 Net Income EPS(a) $ in millions, except EPS Net Income from Continuing Operations, As Reported $ 2 $ 0.01 Acquisition-related amortization expense 24 0.10 Business restructuring-related costs, net(b) 314 1.35 Portfol
Slide 21: Segment Margin Reconciliation
Segment Margin Reconciliation $ in millions, except margin % 2023 2024 2025 Global Architectural Coatings FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Segment Margin, As Reported 16.7% 17.2% 19.7% 18.2% 13.4% 17.3% 13.8% 15.7% 18.2% 14.4% 15.6% Net Sales $4,021 $966 $1,070 $1,004 $881 $3,921 $857 $1,018 $1,012
Slide 22: Adjusted EBITDA Reconciliations
Adjusted EBITDA Reconciliations $ in millions, except margin % 2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Reported net income from continuing operations $ 405 $ 493 $ 444 $2 $ 1,344 $ 375 $ 450 $ 444 $302 $1,571 Interest expense, net of interest income 13 17 19 15 64 13 18 23 34 88 Income tax expense 1
Slide 23: Free Cash Flow Yield Reconciliation
Free Cash Flow Yield Reconciliation $ in millions, except share price and yield % 2025 Cash from operating activities - continuing operations $ 1,936 Capital expenditures (778) Free cash flow $ 1,158 Adjusted weighted average common shares outstanding 227.1 Share price Dec. 31 2025 $102.46 Market ca
Slide 24: Thank You For Your Interest In PPG
Thank You For Your Contact Information: Interest In PPG INVESTORS: Alex Lopez phone: +1 412 434 3466 email: alejandrolopez@ppg.com MEDIA: Greta Edgar Borza phone: +1 724 316 7552 email: edgar@ppg.com 24